Save Money on Volkswagen Eos Insurance in Minneapolis

Sad but true, a large majority of consumers renewed their policy with the same company for at least the last four years, and virtually 40% of consumers have never compared rates with other companies. Many drivers in the U.S. could save an average of roughly 46.5% each year just by shopping around, but most undervalue the amount of savings they would get if they bought a different policy.

To save the most money, the best way to get low-cost Volkswagen Eos insurance is to compare prices at least once a year from providers who can sell car insurance in Minneapolis. You can compare prices by completing these steps.

• First, take a little time to learn about how insurance works and the measures you can control to prevent expensive coverage. Many factors that cause rate increases such as distracted driving and a bad credit rating can be improved by making minor driving habit or lifestyle changes.
• Second, compare prices from independent agents, exclusive agents, and direct companies. Exclusive and direct companies can provide rates from one company like GEICO or Allstate, while independent agencies can quote prices for many different companies.
• Third, compare the new rate quotes to your existing policy to see if a cheaper price is available. If you find a lower rate quote and switch companies, make sure coverage does not lapse between policies.

An important part of this process is to make sure you enter the same coverage limits and deductibles on every price quote and to quote with as many car insurance companies as possible. Doing this ensures a level playing field and a thorough selection of prices.

Obtaining price quotes for cheaper insurance policy in Minneapolis is not as confusing as people think. If you’re already insured or just want to reduce your rates, take advantage of these tips to get lower rates without reducing coverage. Drivers just have to learn the tricks to shop online from multiple companies.

Coverage information

The premium table shown next covers a range of insurance coverage prices for Volkswagen Eos models. Learning more about how auto insurance prices are determined can be valuable when making informed decisions when shopping around for a new policy.

Cost estimates assume married female driver age 30, no speeding tickets, no at-fault accidents, $100 deductibles, and Minnesota minimum liability limits. Discounts applied include safe-driver, claim-free, multi-policy, multi-vehicle, and homeowner. Price estimates do not factor in zip code location which can change prices substantially.

Where to set your deductibles

A question often asked by Minneapolis drivers is how high should the deductibles for physical damage be. The data tables below outline the differences in premium rates of buying low and high policy deductibles. The first price estimate table uses a $250 deductible for comprehensive and collision coverage and the second set of rates uses a $1,000 deductible.

Data based on married male driver age 30, no speeding tickets, no at-fault accidents, and Minnesota minimum liability limits. Discounts applied include homeowner, multi-vehicle, claim-free, safe-driver, and multi-policy. Price information does not factor in the specific area where the vehicle is garaged which can increase or decrease insurance rates noticeably.

Based on the data above, we can derive that using a $250 deductible costs approximately $25 more each month or $300 for a full year than quoting the higher $1,000 deductible. Due to the fact that you would have to pay $750 more out-of-pocket with a $1,000 deductible as compared to a $250 deductible, if you normally go at a minimum 30 months between claims, you would save more money if you choose the higher deductible.

The chart below illustrates how your deductible choice and can increase or decrease Volkswagen Eos premium costs for each different age category. The data is based on a single female driver, full physical damage coverage, and no other discounts are factored in.

Male drivers versus female drivers

The chart below shows the comparison of Volkswagen Eos car insurance costs for male and female drivers. The premium estimates are based on a clean driving record, no at-fault accidents, comp and collision included, $250 deductibles, marital status is single, and no policy discounts are applied.

Full coverage or liability only

The illustration below shows the comparison of Volkswagen Eos insurance rates with and without physical damage coverage. The premiums assume no driving violations, no at-fault accidents, $1,000 deductibles, drivers are not married, and no discounts are applied.

When to eliminate full coverage

There is no clear-cut rule of when to stop paying for full coverage, but there is a general convention. If the yearly cost of full coverage is more than around 10% of the vehicle’s replacement cost less your deductible, then you might want to consider buying only liability coverage.

For example, let’s assume your Volkswagen Eos settlement value is $3,000 and you have $1,000 deductibles. If your vehicle is totaled in an accident, the most you would receive is $2,000 after the policy deductible has been paid. If premiums are more than $200 annually to have full coverage, then you may need to consider dropping full coverage.

There are some scenarios where dropping full coverage is not advised. If you still have a loan on your vehicle, you have to carry full coverage to satisfy the loan requirements. Also, if your emergency fund is not enough to purchase a different vehicle in the even your car is totaled, you should not opt for liability only.

Detailed coverages of your auto insurance policy

Having a good grasp of a auto insurance policy can be of help when determining which coverages you need for your vehicles. Auto insurance terms can be impossible to understand and even agents have difficulty translating policy wording. Shown next are the normal coverages found on the average auto insurance policy.

Coverage for medical payments

Medical payments and Personal Injury Protection insurance provide coverage for short-term medical expenses for X-ray expenses, EMT expenses, pain medications, chiropractic care and surgery. They are used to cover expenses not covered by your health insurance policy or if you are not covered by health insurance. It covers you and your occupants and will also cover if you are hit as a while walking down the street. PIP is not available in all states but it provides additional coverages not offered by medical payments coverage

Uninsured and underinsured coverage

Uninsured or Underinsured Motorist coverage protects you and your vehicle’s occupants from other motorists when they either are underinsured or have no liability coverage at all. This coverage pays for hospital bills for your injuries as well as damage to your Volkswagen Eos.

Due to the fact that many Minnesota drivers only carry the minimum required liability limits (which is 30/60/10), it only takes a small accident to exceed their coverage. That’s why carrying high Uninsured/Underinsured Motorist coverage is very important. Frequently your uninsured/underinsured motorist coverages are similar to your liability insurance amounts.

Auto liability

Liability coverage can cover damage that occurs to other people or property that is your fault. It consists of three limits, bodily injury for each person, bodily injury for the entire accident, and a limit for property damage. Your policy might show limits of 30/60/10 which stand for a limit of $30,000 per injured person, $60,000 for the entire accident, and a total limit of $10,000 for damage to vehicles and property. Occasionally you may see one limit called combined single limit (CSL) which provides one coverage limit rather than limiting it on a per person basis.

Liability insurance covers things such as pain and suffering, attorney fees, structural damage and repair bills for other people’s vehicles. How much liability coverage do you need? That is a personal decision, but buy as large an amount as possible. Minnesota state minimum liability requirements are 30/60/10 but you should consider buying more liability than the minimum.

The illustration below shows why buying minimum limits may not be enough coverage.

Comprehensive coverages

This covers damage caused by mother nature, theft, vandalism and other events. You first have to pay a deductible and then insurance will cover the rest of the damage.

Comprehensive insurance covers things such as hitting a bird, falling objects, damage from getting keyed, fire damage and hitting a deer. The highest amount a auto insurance company will pay at claim time is the actual cash value, so if the vehicle’s value is low consider dropping full coverage.

Collision coverage

This pays for damage to your Eos resulting from a collision with an object or car. You will need to pay your deductible then the remaining damage will be paid by your insurance company.

Collision coverage pays for claims like crashing into a building, colliding with a tree and rolling your car. Collision coverage makes up a good portion of your premium, so analyze the benefit of dropping coverage from older vehicles. It’s also possible to raise the deductible on your Eos to bring the cost down.

Frequent quotes can save

When trying to cut insurance costs, do not buy lower coverage limits just to save a few bucks. In too many instances, someone sacrificed liability limits or collision coverage to discover at claim time that the savings was not a smart move. The proper strategy is to purchase plenty of coverage for the lowest cost but still have enough coverage for asset protection.

Cost effective Volkswagen Eos insurance can be sourced online as well as from independent agents in Minneapolis, and you should compare rates from both in order to have the best chance of saving money. Some companies do not offer the ability to get a quote online and usually these small, regional companies provide coverage only through independent insurance agents.

We covered many ideas to lower your Volkswagen Eos insurance premium rates in Minneapolis. It’s most important to understand that the more you quote Minneapolis auto insurance, the better likelihood of getting affordable Minneapolis auto insurance quotes. Consumers may even find the lowest priced auto insurance comes from some of the lesser-known companies. They often have lower prices on specific markets than the large multi-state companies such as Progressive or GEICO.

Much more information about auto insurance in Minnesota is located at the links below

• Safety Features for Your New Car (State Farm)
• What Car Insurance is Cheapest for a Honda Accord in Minneapolis? (FAQ)
• Rollover Crash FAQ (iihs.org)
• Determining Your Vehicle’s Value and Repair Cost (Insurance Information Institute)